Robotic Process Automation
What is Robotic Process Automation (RPA)?
RPA is an emerging automation technology that manages, executes and monitors any repetitive front-office and back-office processes that do not require human judgment, allowing employees to focus on the more sophisticated tasks.
RPA is rapidly gathering prominence and relevance due to the confluence of several key factors including the advent of the Fourth Industrial Revolution driven by extreme automation and connectivity, the importance of Digital Transformation in order to survive and thrive in our new Digital Economy, and the evolving role of Knowledge Workers, particularly in advanced economies.
The basic premise of RPA is that a lot of the structured, rule-based, repetitive, mundane, low value-added tasks currently being performed by human workers can be executed instead by software bots. Some of these tasks include data entry, data verification, copying and pasting of data, data conversions, mouse clicks and selection, interfacing between several applications, reports generation and many more.
RPA is non-invasive in nature, meaning it does not require any backend scripting and complex coding. Instead, RPA automates tasks through the User Interface, accessing the applications in the same way a human would. Hence, RPA is also commonly known as "swivel chair automation".
9 Benefits You Get From Robotic Process Automation
How To Achieve A 24x Gain In Productivity
Sounds like fantasy? A simple back-of-the-envelope calculation can prove this to you.
A software bot works 24/7 and does not take any lunch breaks, toilet breaks or medical leave. Assuming a 40-hour hour week for a Full-Time Equivalent (FTE), ceteris paribus, a software bot already delivers a 4.2x gain in productivity by virtue of it being able to work 24/7 without any downtime.
What’s more, a software bot is able to complete a clerical task much faster than a worker can. For a task that takes an employee 60 minutes to complete, it is not uncommon for a software bot to complete it in 5 to 10 minutes. That’s another 6x to 12x gain in productivity.
Taken together, you have achieved your 24x gain in productivity. Amazing. And we have not even considered the other tangible and intangible benefits of RPA such as cost savings, improved accuracy and more.
Still have doubts? Why not try it yourself? Simply enter in a few information about your business in our RPA ROI calculator below and we will send you a customized productivity report right to your mailbox, free of charge!